What Makes Innovation Challenging in the Aging Services Industry?
This week we are proud to highlight Nexus Fellow and industry expert, Jay Newton-Small.
In this Nexus video clip, she describes the unique challenges of the aging services industry and why it’s so difficult and complicated to innovate and make a meaningful impact.
“It’s such an inefficient industry and it’s so highly regulated. It’s a very intractable system that requires patience in innovating and ingenuity in innovating that other industries don’t require.”
Challenges for startups coming into the aging services space include selling into healthcare organizations that are under intense pressure due to rampant staffing shortages that have left them in a sustained state of crisis and placed a huge financial burden on them to maintain operations and meet basic regulations. The environment has been one of extreme stress, with little bandwidth or budget to invest in innovation or quality initiatives.
Information security protocols and other legal standards required to access patient data, while critical for protecting patient privacy, are also hard for small companies to meet on limited runways. And current fee-for-service payment models leave little room for innovation in holistic, person-centered care innovations.
“From the get-go, this is regulated in a really intense way, and there’s no way around that. So you have to think through, what is a way that we can innovate here that we can be able to have an impact, but also not harm people, which is a super important thing about health care. And also how can you find a way to make a profit and make your company viable. It’s one of the most challenging areas to innovate in.”
Newton-Small is the CEO of PlanAllies and the CEO and founder of MemoryWell, a tech-enabled patient engagement platform and SaaS that uses Natural Language Processing and “conversational interactions” proven to engage seniors and help Medicare Advantage plans lower churn. Unlike chatbots, MemoryWell uses journalists—or can train callers to interview like journalists using their proprietary software— to create real, effective dialogue with older Americans.
As a national journalist, Jay Newton-Small brings a unique perspective to the field of aging, insight into politics and policy, and a media platform. She also brings the heart of a personal-lived experience that led her to found her company, MemoryWell.
- Biases in Product Design for the Aging Population from Sarah Thomas
- Putting the Person Back in Person-Centered Care: Jay Newton-Small and Bob Kramer on the Power of Data to Transform Senior Care
Want to be notified when a new blog is posted? Subscribe to our blog and receive posts in your inbox.